Lost retirement savings

[TipBledsoe]

Is it true that your president is going to take our retirement savings?

http://offers.americanhartfordgold.com/email/offer/free-guide/taxes/

 

[Darkpriest667]

Is it true that your president is going to take our retirement savings?

http://offers.americanhartfordgold.com/email/offer/free-guide/taxes/

If you mean social security, that money has not existed for decades.

If you mean 401ks and IRAs I'll be in the class action lawsuit, luckily 70% of my retirement is in Cryptocurrencies and I'm on track to retire by the time I am 50 because of that.

 

[ZX9RCAM]

It's an email advertisement, so.....

 

[Bozz10mm]

Contributions to a 401k are pre-tax dollars. Meaning you don't pay taxes on them until you withdraw the funds. IRA contributions are tax deferred too. So, no tax on them until withdrawal. But they are both already taxed eventually.

 

[Darkpriest667]

Contributions to a 401k are pre-tax dollars. Meaning you don't pay taxes on them until you withdraw the funds. IRA contributions are tax deferred too. So, no tax on them until withdrawal. But they are both already taxed eventually.

I have a ROTH 401k, I am not going to get fucked in 10 years or 20 years because the greedy ass government wants to take 30 to 50%.

 

[karlac]

RMD’s and taxable SS can screw your plans, especially if a spouse is still working

 

[TX oddball]

Is it true that your president is going to take our retirement savings?

Democrats have been discussing this possibility for years. In the U.S. House during Obama's presidency, there have been numerous committee meetings discussing how to confiscate private retirement plan accounts and convert them to universal "Guaranteed Retirement Accounts" (GRAs) managed by the Social Security Administration.

It drives Democrats crazy that there are trillions of dollars in the hands of citizens, just sitting there doing nothing for years, while they can think of thousands of ways to steal and re-distribute the funds.

 

[TheDan]

The rules for these retirement accounts exist at the whim of Congress. They can change it anytime they want. They know better than to change things too quickly, tho...

I'm a bit cynical on these things. I don't really believe they were created to help average people retire, but instead to force more people into the market and lock them into it so they have to ride it down as well as up.

 

[toddnjoyce]

YGBSM

 

[dsgrey]

What's this thing called retirement? I'm sure they'll raise my retirement age again or change the formula forcing us to work longer. Like most, my investments aren't enough at this point. Still wondering if I'll be alive when I hit that magic age. Then wondering if the spouse will kill me if she has me pestering her all day long.

 

[oldag]

Give the Dems enough control and they will tax/appropriate everything.

 

[Texasjack]

The Obama Administration floated the idea of the government taking over all of the IRAs and 401(k)s, and then distributing the money to you in a manner they saw fit. As it stands, they already require you to take a certain percentage out of your account after you pass a certain age (72, if memory serves). As you might imagine, the idea floated like a lead balloon. It's still on the Democrats agenda, but they don't have the level of control in Congress that will allow them to carry it out. Communism is strong with this bunch, and they fully believe that you and I are too stupid to be able to control our own finances, but that they are so incredibly smart that we should all be happy to put them in control. There is also the thought that they could use what they consider to be "excess savings" to give away to people who don't have retirement funds (also known as "buying votes"). Of course, if they have control of those retirement accounts, they can control how it's invested, thus making sure that companies kick back money to the politicians or risk having their stock wiped out.